Egypt's Ministry of International Cooperation has revealed that the World Bank (WB) plans to disburse $1 billion in the latter half of 2024, forming part of a $6 billion support package announced earlier. The package, split into $3 billion for governmental programs and an additional $3 billion for the private sector, aims to support Egypt's reform initiatives over the next three years. The agreement with the WB focuses on stabilizing macroeconomic conditions, enhancing competitiveness, promoting private sector participation, and advancing the country's green transformation.
The announcement coincided with the European Union's commitment of a $7.8 billion support package. The collaboration with the International Finance Corp, a WB affiliate, on Egypt’s privatization program aims to offer state-owned companies and assets, with plans to complete the program within three to five years, generating anticipated revenues of $6.5 billion in 2024. Additionally, Egypt is also collaborating with the WB on governance measures for state-owned enterprises.